A day after National Stock Exchange (NSE) said United Spirits (USL) will be excluded from all its indices from September 19, it said on Thursday that the scrip would be removed from the F&O segment as well.

In an email reply to FE, the Bombay Stock Exchange (BSE), too, confirmed that the scrip is being excluded from the F&O segment of the bourse.

The NSE, in a circular on Thursday, said as the Bangalore-based company has not submitted results for Q4FY14 and Q1FY15, the exchange has decided to exclude it from the equity derivatives segment.

“Thus, fresh month contracts will not be introduced for the expiry month November 2014, on the expiration of August 2014 contracts. All existing contracts, i.e., contracts with expiry dates September 25, 2014, and October 30, 2014, will expire on September 18, 2014,” the circular added.

The BSE is yet to put out a circular to notify the changes. According to a BSE spokesperson, the exchange would take a call on reintroducing the scrip in the F&O segment after the company issues its quarterly results.

On Thursday, the USL scrip ended 2.79% lower at R2,387 on the NSE, while, on the BSE, it closed 2.18% lower at R2,402.05.

As per Sebi clause 41 of the listing agreement, “the company has an option either to submit audited or unaudited quarterly and year-to- date financial results to the stock exchange within 45 days of the end of each quarter ... " More than four months have passed since the end of the March quarter and USL is yet to submit results for the quarter. The results for the June quarter have not been filed yet even though 52 days have passed from June 30, 2014.

The Diageo-controlled USL had on August 1 postponed the publication of its FY14 earnings with its board seeking certain clarifications on the draft financial statements during a meeting, as reported by FE.

A month ago, the company had sought additional time to finalise the results, citing enquires on how to treat certain loans, including one to co-promoter United Breweries Holdings, on its books.

“The audit committee of the board at their meeting held on August 1, 2014, has sought certain clarification and information on the draft financial results and related issues, and in the absence of such clarifications and information, could not complete the review with the management, of the